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What was announced on 14 October

Two documents went out together. The press release says Perpetuals.com Ltd (Nasdaq: PDC) "today announced plans to offer tokenized U.S. equities on its platform" using the SEC's temporary exemption for Tokenized Securities Venues, and that the announcement "comes in connection with the company's publication of a notice of its intent to rely on" that exemption. The 34-page public notice, version 1.0 dated 14 October 2026, is the filing the SEC order requires before a venue can operate.

The notice is specific about who and how:

• Operator. The venue will be run by Kephas Corporation, a Delaware company doing business as Perpetuals.com, an indirect wholly owned subsidiary of Perpetuals.com Ltd, the Japan-incorporated parent whose American depositary shares trade on the Nasdaq Capital Market as PDC.
• Where trades settle. On Kronos X Public, described as a public, permissionless Ethereum Layer 2 built on the OP Stack and operated by an affiliate, USO Deposit Trust LLC, with finality through Ethereum.
• How trades happen. Through permissioned automated market maker liquidity pools. Each pool pairs one tokenized stock with an eligible digital asset, "initially expected to be USDC". Swaps settle atomically, meaning both legs complete together or neither does, with no clearing house in between.
• Who can trade. The notice says the venue "is intended to permit participation by a broad range of eligible persons, including retail investors, institutional investors, registered broker-dealers, and liquidity providers", directly or through a broker-dealer, after identity verification, sanctions screening and wallet authorisation.
• Transparency. Trade data in US dollars is to be published in machine-readable form within 10 minutes of each transaction and kept for a rolling 30 days, with pool addresses, sizes and volumes.
• Halts. If the underlying stock is halted on its listing exchange, including Limit Up-Limit Down pauses and market-wide circuit breakers, trading in the token stops too, and resumes only after the venue's staff authorise it.

What the SEC exemption actually allows

The framework is the order the SEC issued on 17 September 2026 under press release 2026-90. It grants temporary, conditional relief from the definition of "exchange" to venues that trade tokenized National Market System stock using permissioned AMM liquidity pools, and a parallel relief from the "dealer" definition for liquidity providers that put their own tokenized stock into those pools. The exemptions expire five years after publication, and the SEC asked for public comment on what should come next.

The conditions a venue must meet, as listed by the SEC:

Perpetuals' press release leans on the first two points, promising "24/7 trading, near-instant settlement, and fractional ownership on blockchain rails, all while users retain full dividend and voting rights". That is the key difference from the offshore products most crypto traders already know, where you hold a claim on shares held by a custodian and the issuer decides how dividends are handled.

What is not live, and the earliest realistic date

Read the notice's own caveats before you plan anything around this. As of 14 October, the venue "has not finalized or deployed all of the distributed ledger applications and smart contracts necessary to commence trading", it "will identify the applicable smart-contract addresses" in an updated notice, and "the selection and implementation of certain service providers and supporting systems remain ongoing". The company's forward-looking statements name "completion of the applicable 30-day period following publication of the Tokenized Securities Venue Notice" as a condition. Counting from 14 October, that period runs to 13 November 2026, so mid-November is the earliest trading could start, and only if the updated notice and the contracts are ready by then.

No ticker list, no fee schedule and no trading-hours policy beyond "halts mirror the listing exchange" appear in either document. The notice does say the venue will show participants the pool price, the estimated output, the price impact, the fees and the last reported sale price of the underlying stock before they confirm a swap, and that participants can set a minimum acceptable output and a deadline. That is standard AMM protection against a bad fill, and it tells you the trading experience will feel more like a decentralised exchange swap than a brokerage order ticket.

What the market did with the news

PDC closed at $3.12 on Nasdaq on 14 October, up 4.35% on the day, and traded at $3.23 after hours, another 3.5% higher, according to Nasdaq's quote page. The stock's 52-week range is $2.42 to $8.83, so the shares remain closer to the bottom of their range than the top. For crypto traders the more relevant read is competitive: this is the first Nasdaq-listed company to post a Tokenized Securities Venue notice that we are aware of, and it comes from the team that, by its own account, built the tokenized stocks Binance, FTX and Bittrex listed in 2021 and the pre-IPO contracts for Coinbase, Airbnb and Robinhood. The same idea is now being attempted inside an SEC framework rather than outside one.

Where this leaves a retail trader today

If you are in the United States, nothing changes this week. Tokenized stocks on Binance, Bybit and Bitget are not offered to US persons, and the Perpetuals venue has no launch date. Put the updated notice on your watch list and look for three things when it arrives: the ticker list, the fee per swap, and whether you can connect your own wallet or must go through a broker-dealer.

If you are outside the United States, you can already trade tokenized or directly held US stocks with stablecoins, and our tokenized stocks hub tracks which venue offers what, with the official sources and dates. Bybit's stock service holds real shares through a US broker and settles in USDC during US hours; sign up with code 48553 and read how Bybit stocks work first. For round-the-clock tokenized US stocks on Solana, Backpack offers 24/7 trading and takes code LuckyBitcoin at registration. Neither is covered by the SEC order described here; the SEC has not named any venue as approved, and the exemption is a general framework that any qualifying venue can rely on after filing a notice.

The structural point for everyone: the SEC has now written down what a compliant on-chain stock venue looks like, down to the requirement that the token carry dividends and votes. Any offshore product that cannot say the same is a different asset, and the tokenized stocks hub separates the two.

Quick answers

Can I trade tokenized US stocks on Perpetuals.com now? No. The 14 October notice says the smart contracts are not deployed and an updated notice must be published before trading starts.

When is the earliest it could launch? The 30-day period after the 14 October notice ends on 13 November 2026, so mid-November at the earliest, subject to the updated notice.

Which stocks will be available? Not stated. The SEC order caps the number of symbols and the volume, so expect a limited list at launch.

What will I pay with? Each pool pairs a tokenized stock with a digital asset, initially expected to be USDC.

Do token holders get dividends and votes? The SEC condition requires the token to carry the same rights as the underlying share, and Perpetuals says users "retain full dividend and voting rights".

Is Perpetuals.com SEC-approved? It has filed the notice the SEC's order requires to rely on the Innovation Exemption. The exemption is conditional and temporary, expiring five years after publication.

What is PDC? The Nasdaq Capital Market ticker for Perpetuals.com Ltd's American depositary shares, which closed at $3.12 on 14 October 2026.